Kensington, Minnesota Property Taxes
The median property tax rate in Kensington, MN is 0.79%, notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With the median home value in Kensington at $131,400, the typical annual property tax bill is $1,041, which is less than the national median of $2,690. Property taxes in Kensington are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Kensington's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Kensington or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Kensington, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,038
Ownwell’s Kensington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kensington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kensington to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Kensington, Minnesota
Property taxes in Kensington, Minnesota, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kensington is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Kensington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kensington estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Kensington's effective property tax rate to other areas in Stevens County and the national median. For comparison, the 56343 zip code has both the highest and lowest median property tax rate of 0.79%. Understanding how these areas compare with Kensington provides valuable insights into the varying tax landscape across Stevens County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kensington Tax Rate
0.79%
Average Stevens County Tax Rate
1.24%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kensington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56343 | 0.56% | 0.71% | 0.79% | 0.80% | 3.27% |
Source: Ownwell
Property Tax Assessment Values Across Kensington, Minnesota
In Kensington, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the county appraisal district for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Kensington, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. For instance, the median home price in Kensington is $131,400, with tax bills ranging from $731 at the 25th percentile to $1,426 at the 90th percentile. The zip code 56343 has the highest and lowest median tax bill, both at $1,041. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Kensington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kensington Assessed Value
$131,400
Average Stevens County Assessed Value
$112,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kensington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56343 | $50,490 | $102,075 | $131,400 | $179,075 | $272,630 |
Source: Ownwell
Property Tax Bills Across Kensington, Minnesota
In Kensington, located in Stevens County, MN, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the property's market value. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Additionally, local government budgets and school district funding needs can affect the tax rate. For homeowners in Kensington, the tax bills can vary significantly. For instance, the 25th percentile tax bill is $731, while the 75th percentile tax bill is $1316, and the 90th percentile tax bill reaches $1426. Comparatively, the national median property tax rate is 0.99%, highlighting that the property tax burden in Kensington is relatively moderate. These taxes are crucial for funding local services such as schools, emergency services, and infrastructure, directly impacting the quality of life for residents.
Average Kensington Tax Bill
$1,041
Average Stevens County Tax Bill
$1,340
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Kensington, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 56343 | $369 | $731 | $1,041 | $1,316 | $1,426 |
Source: Ownwell